Gold shines during crises, as any self-respecting gold bug will tell you. But, in this crisis, bullion is not doing as well as some of its fervent supporters predicted. The price in London yesterday dropped to less than $710 per troy ounce, down 5 per cent since the September collapse of Lehman Brothers.

In the past month – despite policymakers dubbing the crisis the worst since the 1930s’ Depression – gold has shed 15 per cent of its value.